An article from "The Daily Upside," titled, "JPMorgan Files to Launch Money Market ETF," tells us, "The bank applied last month for SEC approval of the actively managed JPMorgan 100% US Treasury Securities Money Market ETF, which would invest exclusively in Treasury bills, bonds and notes, according to the filing. The move, along with recent money market ETF launches by Schwab and BlackRock, shows how issuers are capitalizing on investors' appetite for lower-risk options amid geopolitical uncertainty and ETF hype. Still, inflows have yet to match the rapidity of recent money market ETF launches, according to Matthew Bartolini, State Street's head of Americas ETF research. 'They're really new,' Bartolini said. 'With any new thing, you want to see how it does, how its performance is, and if the use case is valuable enough to rotate from what you're doing right now.'" The Form N1-A Registration Statement for JPMorgan 100% U.S. Treasury Securities Money Market ETF says, "Although the Fund will seek to qualify as a 'government money market fund' (described below), it will not seek to maintain a stable net asset value (NAV) per Share using the amortized cost method of valuation. Instead, the Fund will calculate its NAV per Share based on the market value of its investments. In addition, unlike a traditional money market fund, the Fund operates as an exchange-traded fund (ETF). As an ETF, Shares of the Fund will be traded on the Exchange (as defined below) and will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. You could lose money by investing in the Fund. Because the Share price and NAV of the Fund will fluctuate, when Shares are sold on the Exchange (or redeemed, in the case of an authorized participant), they may be worth more or less than what was originally paid for them." The filing adds on "ETF Shares Trading Risk," "Shares are listed for trading on [the NYSE] and are bought and sold in the secondary market at market prices. The market prices of Shares are expected to fluctuate, in some cases materially, in response to changes in the Fund's NAV, the intraday value of the Fund's holdings and supply and demand for Shares. The adviser cannot predict whether Shares will trade above, below or at their NAV. Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in the Shares trading significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund's holdings. During such periods, you may incur significant losses if you sell your Shares." For more, see these Crane Data News articles, "Schwab Files for Govt Money Mkt ETF" (3/17/25), "BlackRock Money Market ETFs Go Live; Ondo Finance on Tokenized MMFs" (2/6/25), "VettaFi Discusses Money Market ETFs" (12/11/24), "Dec. MFI: Assets Break $7.0 Tril; Top 10 of 2024; BlackRock MM ETFs" (12/6/24), "BlackRock Debuts First Euro MM ETF" (12/5/24), "FT on BlackRock Money Market ETFs" (11/18/24), "November BFI: Bond Funds Hit by Election; ETF Trends MM Substitutes" (11/15/24), "BlackRock Files for Money Market ETFs" (11/12/24) and "Texas Capital Launches Govt MM ETF" (9/26/24).